Interview With a Professional Gambler

[Dave Schwartz]

I did this very interesting interview today with a guy that makes 100% of his income from wagering.

Dave Schwartz Interviews a Full-Time, Professional Gambler

(Note: Right-click and "save target as..." will let you save it to your hard drive and play it later.)

Regards,
Dave Schwartz

[mlbelang]

interesting

[horses4courses]

Excellent stuff, Dave.
Good to hear dedicated professionals in the business share their thoughts.

[Robert Goren]

This was an interesting Interview. Although I heard something at the end that disturbed me. He was saying he was in a groove understanding and making right plays and still losing big. Being in a groove and thinking you see things at level you have never done before is a trap, A BIG TRAP. I know because I have been there many times. If it isn't a constant struggle/fight to win at gambling, you are going to lose and general lose big. If you ain't scrambling, you won't be winning long. Gambling is all about scrambling and adjusting on the run. That is one of the few things I am sure about gambling.

He is new to being a pro. I talked at length to a friend of my dad's who raised 8 kids betting the ponies on the Nebraska curcuit in from the middle 50s to the late 70s. He said his biggest problem was depression. The new pro hasn't hit the 4 month big losing streak. It will come and how he react to it will determine how long he can live as a pro.

[mannyberrios]

Good one, Dave

[castaway01]

Thanks for posting this Dave, good stuff.

[Striker]

Nice interview Dave! Thx for posting!

[MartyZee]

I really liked the interview and feel that the Pro has his head on straight; he realizes that even if he makes the "right moves" and plays great he can still have a losing day.I know it's very important to have a positive attitude; I bet from home now but when I used to go to the track I always distanced myself from people whose thought process was How much will I lose today? They give off bad vibes and if you keep associating with those individuals you can sink to their level. Dave-if you were thought of as one of the best card players did you just grow to like horse racing more(and be more profitable). As I stated before I am not one of your shills but I find you to be one of the most intellectual horse racing enthusiasts(experts). Thanks for sharing /Marty

[baconswitchfarm]

I liked the interview. The guy seemed like he had his head on straight and should succeed. The only myth I want to dispel is that banks won't deal with pro gamblers. I have only had one person ever that it was a problem. Every one just wants to see two years taxes, and therein lies the problem. Most guys I know don't want to pay a quarter in taxes but are mad they can't get a mortgage.

[Helles]

Thank you for posting.

[Dave Schwartz]

Dave-if you were thought of as one of the best card players did you just grow to like horse racing more(and be more profitable).

I was a strong "natural" card player. However, in my early-20s I worked very hard to get rid of what I call "the killer instinct." When I did that, I lost the ability to be an excellent poker player.

However, it made me a far better human being.

For me, it was a good trade.

Dave

[traynor]

Originally Posted by baconswitchfarm

I liked the interview. The guy seemed like he had his head on straight and should succeed. The only myth I want to dispel is that banks won't deal with pro gamblers. I have only had one person ever that it was a problem. Every one just wants to see two years taxes, and therein lies the problem. Most guys I know don't want to pay a quarter in taxes but are mad they can't get a mortgage.

I disagree with the issue of not paying taxes on winnings--I think the simplest way to avoid problems is to keep accurate, detailed records and declare winnings as self-employment. It may cost a bit, but if one is winning, it is considered the cost of doing business.

On the other hand, if that income is less than one would like one's friends and associates to believe, one has the records to prove that one's income from wagering was either in the red or "just about even."

I don't know how it is off in lala land, but in the real world I am extremely skeptical of claims of high income from wagering that come from people who say they don't keep records so the IRS won't have a "paper trail" at tax time. Especially those who wager online.

There is one reason--and one reason only--not to keep accurate, detailed records. It is to avoid proof that one is really losing.

[traynor]

Originally Posted by Dave Schwartz

I was a strong "natural" card player. However, in my early-20s I worked very hard to get rid of what I call "the killer instinct." When I did that, I lost the ability to be an excellent poker player.

However, it made me a far better human being.

For me, it was a good trade.

Dave

Interesting. And illuminating. I understand the choice, and how much one has to give up. I am not so sure that it would be a good trade. In fact, I have never seriously considered it. At least not in the last 35 years or so.

“If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away.”

http://thinkexist.com/quotation/if_a...ons/12159.html

[cato]

Interesting interview.

It's also interesting that he did not make it as a horse handicapper, had to take a break and then come back as a poker player.

[horses4courses]

Dave,

For the aspiring pro gambler, the biggest prompt in your interview was the value of having a good coach behind you to succeed.
As you rightly pointed out, the benefits of coaching are not limited solely to poker when it comes to business and gambling.
Sound advice